Asia FX kicked off the week in waiting mode, this week for the barrage of central bank decisions including those from the Fed, BOJ, BOE and SNB. Major forex rates moved in limited ranges only.

On the news front there is no imminent resolution in sight to end a strike by US United Auto Workers. Negotiations between the union and GM, Ford and Stellantis are continuing.

China’s stock markets absorbed the news that Shenzen police had detained some staff from Evergrande’s wealth management unit. Evergrande is one of China's massively indebted property developer firms in the maelstrom of a property market crisis that is dragging on China’s economic growth. The group is undergoing a restructuring plan, including offloading assets, to avoid defaulting on $340 billion in debt. Shares in the firm dropped 25% today. China's benchmark CSI 300 Index fell to its lowest level this year. Hong Kong shares fell also.

Oil prices rose to open the week.

Asian equity markets:

  • Japan was closed for a holiday today

  • China’s Shanghai Composite -0.01%

  • Hong Kong’s Hang Seng -0.9%

  • South Korea’s KOSPI -0.9%

  • Australia’s S&P/ASX 200 -0.6%

dxy wrap chart 18 September 2023